Policybazaar can now serve as online payment aggregator in India
What's the story
PB Pay Private Limited, a subsidiary of InsurTech company PB Fintech (Policybazaar), has received in-principle approval from the Reserve Bank of India (RBI).
The approval enables PB Pay to operate as an online payment aggregator here under the Payment and Settlement Systems Act, 2007.
The authorization is subject to compliance with RBI's guidelines on regulating payment aggregators and gateways.
Company overview
A look at the diverse portfolio
While Policybazaar is focused on insurance, its sister company Paisabazaar (also a PB Fintech subsidiary) deals with credit-related services like personal loans and business loans.
The recent RBI approval will allow PB Pay to facilitate and streamline payments across both insurance and credit sectors.
It will also cut down reliance on third-party service providers.
Financial success
Financial growth and market performance
In the third quarter of the last fiscal year, PB Fintech recorded a 48.3% year-on-year revenue jump to ₹1,292 crore from ₹871 crore in Q3 FY24.
Its net profit nearly doubled to ₹72 crore from ₹37 crore in the same quarter of the previous fiscal during the period.
Currently, PB Fintech has a total market cap of around ₹74,629 crore.
Strategic investment
PB Fintech's investment in healthcare
Last month, PB Fintech got board approval to invest ₹696 crore into its subsidiary PB Healthcare Services Pvt Ltd. The move is aimed at strengthening its operations in India's healthcare sector.
Meanwhile, Resilient Payments Private Limited, a BharatPe Group company, also bagged final approval from the RBI to operate as an online payment aggregator.